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6/9/2017 3:37:26 AM

GBPUSD - Technical Analysis: Friday, 09/06/2017 07:37 GMT

The GBPUSD pair declined strongly to break the ascending channel's support and reach the most important support to the short term trades at 1.2706, which represents the breached neckline of the triple bottom pattern that appears on the chart below, noting that settling above this level keeps the main bullish trend valid, but we need to be careful from the coming trades, especially that the pair might face mixed fluctuations affected by the UK parliamentary elections.

The steadiness of 1.2706 level against the negative pressure will push the price to rise again, and surpassing 1.2840 will lead the pair to achieve gains that reach to 1.3077 initially, while breaking 1.2706 will put the price under more negative pressure and push trades towards 1.2500 mainly.



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